Nickel futures rebound on global cues, spot demand

Nickel prices recovered by 1.51 per cent to Rs 1,155.70 per kg in the futures market today largely in tandem with a rebound in base metals overseas.
Besides, pick up in demand from alloy-makers in the spot markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 17.20, or 1.51 per cent, to Rs 1,155.70 per kg in business turnover of 1,009 lots.
The metal for delivery in June rose by Rs 17.30, or 1.51 per cent, to Rs 1,160.90 per kg in 108 lots.
Globally, nickel rose 1.3 per cent to USD 19,750 per tonne at the London Metal Exchange (LME), snapping a two-day decline.

The metal is up 42 per cent this year so far, the most among the main six metals on the LME, as Indonesia, the world's largest producer from mines, banned ore exports in January.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas influenced nickel futures here.